On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Sugarmade, Inc. (SGMD) Eyes European Hydroponics Supply Growth in Europe, Projected to be a €115 Billion Cannabis Market by 2028

  • The company is entering the European hydroponics market as it expands its foothold in the cannabis supply marketplace through its first order program via Amazon UK
  • SGMD estimates that its revenue will reach $30 million by 2019 with operating profitability and positive operating cash flow; it is increasing its commitment to the industrial hemp sector
  • The European marijuana market is seen as becoming the largest cannabis market in the world, with more than $150 million invested already

Sugarmade, Inc. (OTC: SGMD) is targeting the European hydroponics market, supplying multiple products for cultivators via its first order through the Amazon UK program. Its agreement calls for it to offer several dozen stock keeping units (SKUs) to be sold in the United Kingdom. A cannabis-related supply company, SGMD projects that its 2019 volume will reach $30 million at operating profitability (http://cnw.fm/0Xl7T).

In a news release, Jimmy Chan, CEO of SGMD, said, “While we have previously informed our investors of our $30 million revenue goal for next year, revenues continue to grow across the board.” He cited the opportunities presented by the lack of available quality products at attractive prices within the European market.

Sugarmade is entering Europe at a time when a new report by analyst group Prohibition Partners projects that, referencing a survey of 28 key countries across the continent, the marijuana market there will be worth €115 billion by 2028. It is seen as becoming the world’s single largest region for cannabis (http://cnw.fm/Go23U).

SGMD, based in Monrovia, California, recently returned to the OCTQB Venture Market as a fully reporting company (http://cnw.fm/mJ3aV). It is a hydroponics supply company committed to growth in the industrial hemp sector. SGMD is a product and brand marketing company with numerous operations, such as packaging and paper goods for diverse industries. By entering the industrial hemp market, it is seeking to increase its revenue base. Its brands include ZenHydro.com, CarryOutSupplies.com and BudLife.

“We not so much believe, but very much know that Europe will become the biggest cannabis industry in the world, it’s just a matter of when,” Stephen Murphy, co-founder and managing director of Prohibition Partners, noted in the report. “The European market has grown faster in the past six months than it has in the past six years.” The article noted that medical cannabis is currently legal in 20 countries across Europe. In 2018, three more announced legalization efforts, and more than $150 million has been invested in those markets already, per the report.

Sugarmade is investing in Hempistry, Inc., a privately held Nevada corporation, which has begun planting an ultra-high cannabidiol (CBD) industrial hemp strain in Kentucky. Additionally, Sugarmade expects to sign an agreement with Hempistry for hemp cultivation supplies.

For more information, visit the company’s website at www.Sugarmade.com

More from CannabisNewsWire

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CannabisNewsWire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

CannabisNewsWire (CNW)
Denver, Colorado
www.CannabisNewsWire.com
303.498.7722 Office
Editor@CannabisNewsWire.com

Archives

Select A Month

Official NewsWire Relationships

Benzinga Cannabis Capital Conference Cannabis Business Summit & Expo 2019 Cannabis Drinks Expo Cannabis World Congress & Business Exposition MjMicro Conference New England Cannabis Network O'Cannabiz Conference & Expo USA CBD Expo

CannabisNewsWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722